Cooperative Bank bets on close links with Saccos to unveil cashless system

Cooperative Bank has unveiled a new cashless payment card for commuters in compliance with the National Transport Safety Authority’s directive requiring all public service vehicle (PSV) operators to implement the system. The card dubbed M-Nauli was launched at Kencom stage, in Nairobi yesterday. It will be used across all PSVs.

Speaking at the launch, Transport and Infrastructure Cabinet Secretary Michael Kamau told card providers and matatu owners to work together to ensure the new payment system thrives. “I urge Cooperative Bank and other providers to engage with the matatu operators to ensure that the cashless payment system succeeds,” said Kamau, adding that his ministry is committed to its success.

M-Nauli is fashioned as a tag, not a conventional card and can conveniently be stuck on a phone, a key-holder or bag. It accepts cash, card and mobile money from all networks and works both online and offline guaranteeing no delays. Coop bank is still refining the product with hopes of using the card to pay for other services such as parking fees, market stalls fees, ticketing and other micro payments. “The Matatu industry is a multi-million shilling industry and Co-operative Bank is the market leader in providing banking services to Saccos in Kenya,” said Chief Executive Gideon Muriuki. “We tapped into our experience with Saccos when developing our M-Nauli system to ensure the product effectively works for the Matatu Owners and customers. To attest to this, over 40 companies and PSV Saccos have taken up the Co-operative Bank M-Nauli system, among which are leading bus companies such as City Shuttle, Double M and Forward Travelers.”

The M-Nauli tag will be loaded through Mobile Money, Co-op Kwa Jirani Agents, Coop Bank branches and ATMs countrywide. During the event Eng Kamau officially unveiled the rapid mass transfer scheme being implemented by the Ministry. The scheme aims to drive increased bus capacity and digital innovation for fast, flawless and safe public service vehicle operations.

The move was announced during the City Shuttle double-decker bus maiden ride in the CBD. With over 100-plus sitting capacity, the double-decker buses and long buses will start plying the Kikuyu, Embakasi and Ruai routes. The double-decker buses have a complete cashless system provided by Co-operative Bank.

The Government recently ordered that no PSV will be cleared by the motor vehicle inspection unit unless they have adopted the cashless system.

“This is one of my Ministry’s efforts to reform the public transport sector and ease the matatu experience for Kenyans. The rapid mass transfer scheme is another avenue we are looking to work closely with the Nairobi County to decongest the CBD,” said Kamau.

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